HI GUYS, PLEASE EXCUSE THE CAPS….WHAT ARE YOUR THOUGHTS ON RENOVATING IN SMALL TOWNS AROUND 100KM FROM MAJOR CITIES. WHERE CAPITAL GROWTH IS NOT STRONG, BUT YOU CAN PICK UP CHEAP HOUSES. WILL RENOVATING ADD MUCH VALUE? WHAT ARE THE CHANCES OF OVER-CAPITALIZING……THANKYOU IN ADVANCE.
Hi PL
Yes, there’s investors out there who are doing quite well out of renovating properties in regional areas. I was speaking with an REA in Wagga not that long ago who mentioned that a few ppl are doing pretty well out of purchasing the run down ex govt stock, doing them up and either on selling or renting out at decent yields.
What’s going on with your caps lock button????
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
If you can buy at the right price, it can work for you.
I've purchased 2 x ex commission in Central Vic and have just finished reno'ing the first one.
Purchased 97K reno'd about 10K will rent for $200 pw.Property has started going up around town and now very little at this price – they're mostly around 150-200K+ starting price – even unreno'd.
Nice work tvproperty – just shows it can be done.
What sort of renos did you carry out for the $10k?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie M wrote:Nice work tvproperty – just shows it can be done. What sort of renos did you carry out for the $10k? Cheers JamieActually, just added it up a bit more accurately Jamie and it's more like 15K or so. In any case, I'm happy with the result. This house had a recently reno'd kitchen so nothing done there except the tiling and paint.
Tiles 1500
Split System 3.5kw 1500
Carport c/w Roller Door 2200
Shower screen over bath & vanity 1000
Carpet 2500
Window Furnishing 1500
Paint & Plaster 700
Robes to 2 of 3 BR 1000
8 internal doors, h/w & Various other odds & ends 1000.
Interest of about 3000All labour done by myself except for a little electrical & plumbing.
I will be starting the next house soon and It'll get the same type of treatment plus a complete new kitchen, stove etc (already there waiting for me). It also needs a little more attention outside as it needs some weatherbaords replaced and a rear steps area fixed and oh yeah it also needs a fireplace iremoved in kitchen. Buy price was 81K so the price was good, but I've decided I'll need some extra help on this one as I'm sick of living away from the family during the week (about 3 hrs from home), so ending price could end up higher.
BTW, they are both exactly the same type, design houses and were auctioned by the Housing Comm on the same day.
I've been watching the property there and nothing comes near these prices since we've purchased. The closest was another ex commission 3br brick (ours are w/board), that went for 122K late last year. It had no floor coverings, needed the full works, kitchen, bathroom, plaster repairs etc I went to the auction and would have bid if under 100K but the first bid went over 100K straight off. So I just sat by and watched………….This year it seems prices (rent) just keeps heading north.
Awesome stuff – just goes to show that a decent reno doesn’t need to cost an arm and a leg. You’ve also saved yourself quite a few dollars by carrying out the work yourself.
Best of luck with the second one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Nice work on the reno budget, did you do a lot of the work yourself?
tvproperty wrote:All labour done by myself except for a little electrical & plumbing.Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sorry, missed that line- Great work again
Holly
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